Research Article | OPEN ACCESS
Customer Retention Strategies of SIC Life Insurance Company Limited and StarLife Assurance Company Limited in Ghana: An Exploratory Assessment
1Edward Kwame Ayimey, 2Dadson Awunyo-Vitor and 3Sulemana Abdulai
1Department of Marketing, Ho Polytechnic, Ho, Volta Region, Ghana
2Department of Agricultural Economics, Agribusiness and Extension, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
3StarLife Assurance Company Limited, Ho Branch, Ghana
Current Research Journal of Social Sciences 2013 5:163-167
Received: January 02, 2013 | Accepted: February 18, 2013 | Published: September 25, 2013
Abstract
This study aimed at comparing customer orientation and customer retention strategies of two life assurance companies in Ghana namely SIC Life Insurance Company Ltd and StarLife Assurance Company Ltd. Customer retention has gained increased value among businesses and has been accepted to have brought tangible financial benefits to firms. Data were collected through interviews with the policyholders and questionnaire was administered to the management teams. The Statistical Package for Social Science (SPSS) and MS Excel were softwares used to analyse data. Specifically, the Friedman’s test was used to determine differences in relevant indicators among the two companies. The findings of the study point to the fact that there were pragmatic efforts by both companies toward customer retention. The findings further indicate differences in customer retention strategies in terms of regular communication with clients and offer of bonuses. Satisfaction levels were high and the two companies retained a good number of their policyholders but they differ in terms of the number of policyholders retained annually. The findings imply deepening efforts towards regular communication with clients, building relationships with clients and ensuring policyholder satisfaction.
Keywords:
Customer retention , Ghana, life assurance, SIC Life Insurance, StarLife Assurance,
Competing interests
The authors have no competing interests.
Open Access Policy
This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Copyright
The authors have no competing interests.
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ISSN (Online): 2041-3246
ISSN (Print): 2041-3238 |
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